Insurance for Electric Bicycles
The popularity of electric bicycles, or e-bikes, has soared over the past couple of years—sales were up 145 percent between 2019 and 2020, according to market research firm NPD Group. If you’re one of the many people zipping around for fun, or even commuting to work with a little help from an e-bike, you might wonder if you need insurance for your new toy.
Do I really need insurance for my e-bike?
While Florida doesn’t require insurance for e-bikes as long as they’re not capable of going more than 28 miles per hour, it’s not a bad idea to carry it. Here’s why:
The main reason is that while your homeowners or renters insurance policy may provide some coverage for an electric bike under personal property (be sure to check with your insurance company for details), that coverage will likely be limited and subject to your deductible. In addition, you’ll need to make sure you have adequate coverage for your injuries if you’re hurt while riding, and for protection for your liability if you injure someone or damage property while riding your e-bike.
Since electric bikes are heavier and more complex machines, and they travel faster than a pedal-only bike, the potential for injury (to rider or pedestrian) and property damage is greater. And since electric bicycles are more expensive than standard bikes, if yours is stolen or damaged, you may find it a financial hardship to replace it. Quality e-bikes often cost thousands of dollars.
What does e-bike insurance cover?
The good news is that a standalone e-bike policy is usually inexpensive—policies start at around $100 a year. Cost depends on the coverage you choose, the value of your e-bike, and your deductible.
Basic electric bike policy coverages include:
- Physical damage to your bike if you hit something—another vehicle, a curb, a tree, and so on.
- Liability if you’re at fault and you injure someone or damage property.
- Theft and vandalism—coverage to repair or replace your bike if it’s stolen or vandalized.
- Uninsured motorist—coverage that pays for your injuries if you’re hit by an uninsured driver (and unfortunately, we have many of those in Florida).
Whether you use your e-bike to commute or just for recreation, protect your investment and your personal liability with a standalone electric bicycle insurance policy. Give L & M Financial Group a call at 813-672-4100, or contact us online for a quote. Happy riding!
